Cyan shares edge down in trading debut

Shares of Cyan Inc. fell slightly in their trading debut after the company raised $88 million in an initial public offering.

In midday trading, Cyan shares fell 4 cents to $10.96, after initially dropping as low as $9.96. Earlier, the company sold 8 million shares for $11 each in the IPO.

In addition, the offering's underwriters — Goldman, Sachs & Co. and J.P. Morgan Securities LLC — have a 30-day option to buy up to an additional 1.2 million shares of common stock at the initial public offering price. That would raise up to an additional $13.2 million.

Petaluma, Calif.-based Cyan provides a software-driven transport and switching platform for network operators. Its shares are being traded on the New York Stock Exchange under the symbol "CYNI."

Shares of Cyan Inc. fell slightly in their trading debut after the company raised $88 million in an initial public offering. In midday trading, Cyan shares fell 4 cents to $10.96, after initially dropping as low as $9.96. Earlier, the company sold 8 million shares for $11 each in the IPO. In...